Daily Times

Overseas Pakistanis have remitted $8.034 billion during the first quarter (July–September) of the current fiscal year, while remittances remained $2.7 billion in September 2021, showing a growth of 0.5 percent on a month-on-month and 16.9 percent on a year-on-year basis.

According to the data released by the State Bank of Pakistan (SBP) on Friday, remittances during the first quarter registered a rise of 12.5 percent when compared with $7.143 billion in the corresponding period of the last fiscal year. The SBP said that with $2.7 billion of inflows during September 2021, workers’ remittances continued their strong momentum and remained above $2 billion since June 2020. This is the 7th consecutive month when inflows recorded around $2.7 billion on average, the SBP added. Remittance inflows during September 2021 were mainly sourced from Saudi Arabia ($691 million), United Arab Emirates ($502 million), United Kingdom ($370 million) and the United States ($245 million). Proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailed cross?border travel in the face of Covid?19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.